Reddit (NYSE:RDDT) Now Covered by Analysts at Jefferies Financial Group

Investment analysts at Jefferies Financial Group started coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $90.00 price target on the stock. Jefferies Financial Group’s target price would indicate a potential upside of 28.76% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Roth Mkm reduced their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Piper Sandler lifted their target price on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Cannonball Research began coverage on shares of Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Needham & Company LLC lifted their target price on shares of Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Sanford C. Bernstein lifted their target price on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $69.56.

Reddit Stock Down 1.5 %

Shares of RDDT stock opened at $69.90 on Wednesday. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08. The firm’s 50-day simple moving average is $60.55 and its two-hundred day simple moving average is $58.07.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The business’s revenue was up 53.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.70) EPS. Research analysts expect that Reddit will post -4.11 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,993 shares of company stock worth $19,517,419 over the last ninety days.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new stake in Reddit in the first quarter worth $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in Reddit in the first quarter worth $63,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit in the second quarter worth $78,000. Sandia Investment Management LP purchased a new stake in Reddit in the first quarter worth $79,000. Finally, UMB Bank n.a. purchased a new stake in Reddit in the second quarter worth $88,000.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.